Business

The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country, with the revocation taking effect from July 1, 2026. The development was announced on Wednesday in a statement issued by the Acting Director of the CBN's Corporate Communications Department, Hakama Sidi-Ali. According to the apex bank, the decision was made in line with the powers conferred on it under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020. The CBN stated that the revocation was approved by its Governor, Olayemi Cardoso, after the affected institutions failed to meet the regulatory requirements necessary to continue operating as licensed financial institutions. The regulator explained that investigations revealed the ban...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that it may shut down filling stations across the country if the Federal Government attempts to impose price controls on the downstream petroleum sector. Speaking with journalists, IPMAN's National Publicity Secretary, Chinedu Ukadike, argued that the petroleum market had already been deregulated under the Petroleum Industry Act (PIA), making government-imposed pricing inconsistent with the law. The warning follows recent remarks by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to take action against marketers accused of exploiting consumers through excessive fuel pricing. Similarly, the Fed...

The Federal Airports Authority of Nigeria (FAAN) has announced the resumption of flight operations at the temporary international terminal of the Murtala Muhammed International Airport in Lagos after floodwater disrupted activities at the facility. According to FAAN, the flooding was caused by drainage challenges linked to ongoing construction work around the airport. The agency's Director of Public Affairs and Consumer Protection, Henry Agbebire, said the situation had been brought under control and normal operations had fully resumed. Agbebire assured passengers that the incident did not compromise safety or result in any flight cancellations. He explained that the flooding was limited to a specific area and was traced to construction activities affecting the airport's draina...

Domestic air travel fares rose by 20.8 percent year-on-year (YoY) to N157,552 in May 2026 from N130,361 in May 2025. The National Bureau of Statistics (NBS) disclosed this in its latest Transport Fare Watch which showed increases in fares across other transport categories. The NBS stated: “In air travel, the average fare paid by air passengers for a specified route (single journey) was N157,552.19 in May 2026. On a year-on-year basis, the fare rose by 20.86 percent from N130,361.85 in May 2025.” Analyzing air transport charges for specified routes (single journey), the Bureau said Kano State recorded the highest average fare at N184,139.29, followed by Lagos State at N176,971.65. The lowest fares were recorded in Gombe State (N135,800.61) and Nasarawa State (N138,999.14). ...

The Federal High Court in Abuja has directed the Independent National Electoral Commission (INEC) to commence the registration of the All Democratic Alliance (ADA) as a political party, giving the electoral body 72 hours to comply. Justice Peter Lifu issued the order on Monday, directing INEC to release the party's access code to the association led by Akin Ricketts within the stipulated period. The dispute stems from ADA's application for registration after INEC, in October 2025, listed the association among 14 groups that had successfully completed the initial requirements for political party registration. Although ADA was among eight associations cleared to proceed to the next stage, the group approached the court, alleging that INEC mistakenly released its access code to Umar ...

The Federal Competition and Consumer Protection Commission (FCCPC) on Sunday, June 28, warned operators in the downstream petroleum sector against exploiting consumers following their refusal to reduce petrol pump price to reflect the sharp decline in global crude oil prices. In a statement released, the Executive Vice Chairman/Chief Executive of the Commission, Tunji Bello, said the ongoing surveillance of the downstream petroleum market by the commission had revealed that reductions in gantry prices by local refiners, marketers, depot operators, and retail outlet operators had been marginal and far below current global crude oil prices. Bello stressed that although the commission does not regulate or approve petroleum prices in the country’s deregulated downstream market, it wo...

The Nigerian naira traded within a relatively stable range against the United States dollar on Tuesday, June 2, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders continued to monitor forex liquidity and demand conditions.  According to data from the Central Bank of Nigeria (CBN), the latest official NFEM exchange rate stood at ₦1,373.25 per dollar, based on the most recent trading figures. The official market has remained relatively stable in recent sessions, supported by sustained foreign exchange inflows and regulatory interventions aimed at improving liquidity.  Market trackers also showed the naira trading within the ₦1,370 to ₦1,372 range against the dollar in official market transactions on June 2.  In t...

The European Union has reaffirmed its commitment to expanding investments in Nigeria and strengthening regional trade, describing the country as a strategic economic hub with access to more than 400 million consumers across West Africa. The commitment was made at the 10th Nigeria-European Union Business Forum in Lagos, where European and Nigerian government officials, business leaders, investors and development partners gathered to explore new opportunities for trade, investment and sustainable economic growth, according to a statement by the EU delegation to Nigeria and ECOWAS on Saturday. In a video message to participants, the High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, said Nigeria r...

Chairman of MTN Group, Mcebisi Jonas, has delivered a scathing condemnation of rising xenophobia in South Africa, blaming the country’s immigration crisis on government failure rather than the presence of foreign nationals. Speaking at the funeral of Zimbabwean-born activist and public servant, Thokozani Damasane, in Johannesburg, the former South African Deputy Minister of Finance said inequality, unemployment, corruption and poor governance, and not immigrants remain the country’s biggest challenges. His remarks, which have since gained widespread attention across South Africa, are being viewed as one of the strongest public interventions a senior African business leader on the country’s recurring anti-foreigner sentiment has made. Jonas questioned the growing calls for fore...

The Muslim Media Watch Group of Nigeria (MMWG) has called on the Federal Government to direct petroleum marketers to reduce the pump price of petrol to below ₦700 per litre, citing the recent decline in global crude oil prices. In a statement issued on Friday by its National Coordinator, Alhaji Ibrahim Abdullahi, the group argued that the ceasefire involving Iran has eased tensions in the Middle East, causing international oil prices to return to pre-conflict levels. According to the group, there is no justification for petrol to remain above ₦1,000 per litre, describing the current pricing as insensitive and a major contributor to the hardship faced by Nigerians. MMWG accused petroleum marketers of exploiting consumers and urged the Federal Government to intervene by restoring fu...